The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1887-08-11

N 7 il T.


Your attention IS respectfully invited 10 a.,
( advantages which would be offered by Hau4,
! Mutual Fire and Marine Insurance Com paUy u
all parties WHO have occasion 10 seek the prJtec
ton OF Insurance in this Kingdom against hEt
/ aud marine losses
/ II is nos pro posed At this time TO canvass the
sub iect e1haustvely but only to point out some
Of the more important features. which may be
! added 10 later on.
glance 1T the present condition Of Fire In
surance in this country may enable Us 10 see
| more clearly the prospective al gantages Of the
! proposed scheme.
/ Previous to the great FIRE IN Honolulu Of the
18th of April, 1856. the Fire Insurance rates eI-
acted by the companies doing business IN this
country, were on such scale to make this
one OF the most desirable fields Of It's size III the
world for that class Of operations.
1t has frequently been affirmed by various
local agents that the risks taken here worked in
the end loss 10 the underwriters. or IL other
words, that tho aggregate of losses paid by the
several companies on policies issued IN this
Kingdom exceeded the amount Of premiums re-
mitted to the home offices and that the Hawaiian
public should be thankful to these companies
for taking compassion on US. and reimDurstng
our losses with hard coin, These assertions
have been made Notwithstanding the fact that
the prohts OF the business have been sufficiently
tempting to induce over thirty companies hail
ing from all parts of the business world, to es-
tablish agencies in this city, which under
healthy methods OF management, or reasonable
rates. would to be out of all proportion 10
the extent of the field of operation.
Even u very indiiieren Mt knowledge of the laws
OF business, and the causes prompting the in
yestment of capital, and the taking Of CONNER
ciaI risks and ventures do not confirm the truth
Of these statements; the contrary their fallacy
becomes more and more apparen at every step
shortly after the fire already mentioned, the
local insurance agents formed themselves into
a board, and advanced the rates to figures, which
in many cases were prOhibitive, and numbers
who formerly carried policies have either
duced their amounts of insurance, or taken the
risks themselves. This increase the part of
the underwriters would hardly fair
even wise in view of the fact that the space
desolated by the late fire, and which was the
most dangerous part of the city, has since been
mostly included, by statute, in the fireproof
limit, a great portion of which has been COW
cred by su ,stantal brick buildings, with regu-
lauiOn Prevails. The water supply of the city
has been largely decreased; the apparatus Of the
sire Department greatly added to, and its
RanIzation, numbers and efficiency much i'm
proved. These facts which are well known to
all who acquainted with the city would
seem to have furnished good grounds for re-
ducing ia her than increasing the rates of Fire
Insurance.
The idea of local companies of the character
proposed is ty no means experimental, as many
instances, both 0 n the Pacific Coast and in the
older states # the Union might he cited. which I
have only proved financially successful, but |
under jIdtcIous management have greatly
.eude. i- ,elel and protection of Insurance
tl,-.g~t ,Ao-, who sand greatest need Of this
- OF a,elstt.ce.
g. ,.o.I. eei. ouiy fair and Just tiat a commu- /
.... 90, ug heavy taxes levied by Fire In |
sI.aAoe com ysluI-s should share n whatever
,.4on.s d. a! a1c-oe from the business by the /
eul..u ..I profits 10 the form OF
-Ivideuts, IL Cni5 lit can be attained in no /
way more readily than through the mutual sys
TEN. and the proposition is to organize a local
this basis.
1t is proposed to call a meeting Of subscribers
to the stock az soon as the amount reaches Two
Hundred Thousand Dollars for the purpose of
2rsanizing and applying for q Charter Of Incor-
poration.
Accompanying this Is subscription list for
stock. also another for applications for tnsur-
anOe. to which you respectfully solicited to
The foregoing is merely an outline which
would be E4ore properly filled up n detail by
The stockholders themselves, If the scheme
meets with public favor and support.
Honolulu,